Refugee influx helps German economy to grow
Economy ministry forecasting fourth quarter GDP growth
The German economy expanded by 0.3 per cent in the third quarter
The German economy is continuing to expand thanks to private consumption, with refugees providing a limited additional boost, the economy ministry said in its monthly report on Friday.
The ministry said Europe’s largest economy was facing a slight headwind from the tough global economic environment but rising employment and wages along with the low oil price and the weak euro were helping.
It said construction, especially of homes, would probably increase in the coming months while the industrial sector was beginning to overcome the weak patch it went through in the third quarter.
“Overall Germany’s economic output has probably grown in the fourth quarter,” the ministry said.
The economy expanded by 0.3 per cent in the third quarter.